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THE Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) have seized a "large number" of bank accounts in connection with investigations into possible money-laundering and other offences carried out in Singapore, said the two bodies on Monday evening.

PHOTO: SPH

THE Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) have seized a "large number" of bank accounts in connection with investigations into possible money-laundering and other offences carried out in Singapore, said the two bodies on Monday evening.

The CAD and the MAS released the following joint statement, in response to 1Malaysia Development Berhad-related (1MDB-related) queries: "Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds. Since the middle of last year, CAD and MAS have been actively investigating possible money-laundering and other offences carried out in Singapore.

"In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts.

"Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States. We have responded to all foreign requests for information and have requested information from relevant counterparts to aid in our investigations."